Question 1

A business plan is only useful at the start-up phase of a business.

Accepted Answer

A business plan is not just useful at the start-up phase of a business. It is an essential tool for ongoing planning, growth, and decision making. It helps businesses define their goals, assess market competition, identify potential challenges, and chart a course for success. Even established businesses should regularly review and update their business plan to ensure they are on track and adapting to changing market conditions.

Question 2

A business plan serves to ___ .&#10;A) organize the business&#10;B) validate the central business idea&#10;C) summarize the business and its' strategy&#10;D) all of the above

Accepted Answer

A business plan serves to organize the business, validate the central business idea, and summarize the business and its strategy. It is a comprehensive document that outlines a company's goals, operations, marketing strategies, and financial projections. Therefore, all of the above options are correct.

Question 3

The ____section is the final element of a business plan.&#10;A) financing the Business&#10;B) Market strategy&#10;C) Resumes of the Principals&#10;D) Executive summary

Accepted Answer

The "Resumes of the Principals" section is typically placed at the end of a business plan, providing details about the key individuals involved in the business.

Question 4

Every business owner who expects to be successful needs a business plan.

Accepted Answer

A business plan is a roadmap that outlines a business's goals, strategies, and action plans to achieve success. It helps entrepreneurs identify potential challenges and opportunities, prioritize tasks, and make informed decisions. Without a well-crafted business plan, a business owner would be operating blindly, which could lead to failure.

Question 5

The financing section includes ___ .&#10;A) the cost of the product&#10;B) operating expenses&#10;C) financial projections&#10;D) all of the above

Accepted Answer

The answer of The financing section includes ___ .&#10;A) the...

Question 6

The first section in a business plan is the ____.&#10;A) executive summary&#10;B) introduction&#10;C) strategy&#10;D) marking section

Accepted Answer

The first section in a business plan is typically the executive summary. This section provides an overview of the entire business plan and summarizes the key points and goals of the business. It is often the first part of the plan that potential investors or lenders will read, so it should be clear, concise, and well-written. The other sections mentioned (introduction, strategy, marketing section) may come after the executive summary in the business plan.

Deck 22: Careers in Business Today